https://www.taxtmi.com/caselaws?id=283491 The Appellate Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271D of the Income Tax Act. The Tribunal dismissed the revenue's appeal, emphasizing the genuine and bona fide nature of the transactions involving loans received in cash from family members. The decision underscores the significance of demonstrating the authenticity and reasonable cause behind transactions to prevent penalties under the Income Tax Act. en-us Fri, 30 Dec 2011 00:00:00 +0530 Wed, 25 Sep 2019 10:08:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283491 The Appellate Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271D of the Income Tax Act. The Tribunal dismissed the revenue's appeal, emphasizing the genuine and bona fide nature of the transactions involving loans received in cash from family members. The decision underscores the significance of demonstrating the authenticity and reasonable cause behind transactions to prevent penalties under the Income Tax Act. Case-Laws Income Tax Fri, 30 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283491